How long/much do you analyze a company before you pull the trigger?

I'd say I spend at least 100 hours. I create a spreadsheet model where I input the last 10 years 10k's financial statements (also last 10 quarters). I pass all the numbers that I deem important and in the process I get to know the business model, the financials, kpi's and management. That usually takes a long time. I wonder what you guys do and how much time it takes for your processes.